The recent 7% increase in Dogecoin's price is linked to the expected launch of a new ETF, which has captured the interest of investors and market participants.
Dogecoin Market and ETF
Dogecoin's price surged 7% in the last 24 hours, reaching $0.2316 amid rising expectations for the launch of the Rex-Osprey DOGE ETF this week. Rex Shares and Asprey Funds announced the upcoming launch of DOJE, an ETF tracking the performance of Dogecoin by market capitalization. This will be the first ETF for Dogecoin, providing indirect access to the token via futures and swaps.
Technical Analysis and Expectations
Dogecoin has shown strong bullish momentum, breaking above the 50-day simple moving average at $0.2197. With the relative strength index (RSI) currently at 65.20, nearing overbought territory, there is potential for further price growth. Analysis also indicates positive signals from MACD and Chaikin Money Flow, suggesting higher pricing levels.
Altcoin Season and Its Implications
According to reports, Dogecoin has increased by 10% in the past week amidst growing altcoin activity. The altcoin season continues, likely tied to expectations of an upcoming Federal Reserve rate cut. Overall, Dogecoin's dominance has fluctuated around 0.92%, indicating sustained interest in this asset.
The anticipated launch of a Dogecoin ETF has generated significant interest and hopes for further price growth, adding optimism to the current market situation.
